200,000 added in the last two months.
The milestone will delight Square, whose peripheral plugs into the headset/microphone jack of an iPhone, and allows merchants to process credit card transactions via an app.
The firm says its can bring credit card facilities to the 27m small businesses that don’t accept credit cards currently.
Well, it now has one 27th of that total - and rising.
Square tweeted: "Just as small businesses are growing with Square, we're growing with them: Over 1 million merchants now accept credit cards via Square."
Last month, Square's CEO Jack Dorsey revealed that the company is processing $11 million in transactions each day, and rolled out a new version of its iOS and Android app that adds a loyalty option, refunds, receipts for past transactions, tip percentage options and sales history search.
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Square has had a few issues this year, getting into a war of words with payment reader giant Verifone over security problems. But it also raised $100m and got investment from Visa and Richard Branson.
The company charges a fee of 2.75 percent on each transaction, and promises users no contracts, monthly fees or hidden costs.
In October, Square inked an agreement to sell the card reader unit in Walmart stores across the U.S., bringing the number of retail outlets offering the dongle to more than 9,000.
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